Exploring the allure and evolution of gold in Indian culture

From the moment you were old enough to appreciate your mother’s jewellery box, you probably heard her say, “Invest in gold”. Turns out, she was right on the money—literally. Gold has been on a constant rise, and the world wants a piece of the coin. But for India, investing in gold is more than just a financial strategy—it’s intrinsic to our culture. Indian households hold over 25,000 tonnes of gold, according to an estimate by the World Gold Council. Whether it’s an heirloom piece passed down at a wedding, or a festive jewellery for Diwali, gold is the heartbeat of every generation.

Traditionally, buying gold was a way to ensure wealth, good fortune, and financial protection. Indian women have been taught that gold will be their safeguard in times of crisis. But other than being a smart investment, it’s also been a buffer during inflation, a security net during economic downturns, and a solid foundation for preserving wealth in turbulent times.

From Bullions to Bling

India’s affair with gold started thousands of years ago with bars and bullions. Milan Choksi, CEO of Moksh Jewellery, comes from a family that has an 80-year-old legacy of dealing with precious stones and gold. He reminisces, “My family started the bullion business at a time when India was undergoing immense change. The economy was recovering from colonisation, and the safest investment—in the absence of too many nationalised banks—was gold.” His family business, Choksi Kirtilal Jeshinglal, was one of the first government authorised bullion traders in the country, and over time their reputation allowed them to sell their own minted gold coins, with the elephant as their iconic logo. 

But as India progressed, so did its approach to gold. “People began moving away from bars to wearable gold,” says Tarang Arora, the creative director of Amrapali. “Even newborns were adorned with tiny bracelets and nazariyans!” And while we were once obsessed with traditional gold pieces, now the tide has shifted to design-led jewellery. According to Choksi, “We’ve gone from plain gold to gem-studded wonders, and now, we’re seeing a rise in branded, design-forward pieces.”

This transformation is not just confined to India, it is also unfolding on a global scale. Castro Smith, award-winning London-based goldsmith and traditional hand-engraver, is known for his whimsical engraved signet rings, where craftsmanship reigns supreme. “I sell my pieces with the idea that they can be passed down to the next generation, so my rings are heavy and particularly thick around the ring shank for durability,” he explains. With clients now paying thousands for their gold investments, Smith emphasises the importance of artistry in the work.

An Indian brand embracing this shift is Shachee Fine Jewellery, known for its intricate micro-mosaic designs and lace-like gold creations. Shachee Shah, the founder, explains, “While my clients often inquire about the materials and content, the true appeal lies in the craftsmanship. When both the design and material quality come together, they create a compelling and valuable purchase for the customer.” Educating clients on the craftsmanship and the story behind each piece create desirability around it. 

The New Gold Standard 

As the nature of how we live our lives evolves, Sachin Jain, the regional CEO (India) of the World Gold Council, believes that “simplicity” is the current need of the hour. “Simplicity in our lives leads to simplicity in design. People want to wear pieces on a daily basis now and have moved away from investing in heavy jewellery. There is a shift from mere commodification to respect for design,” Jain shares. 

But make no mistake, gold is still the hero. And with India’s growing economy, a new generation is redefining how they invest in the precious metal. Gone are the days when gold was just about tradition; now, it’s also about tech. The newly launched brand, Aurau—founded by husband-wife duo Avi and Nikita Rupani—offers customers the ability to track their portfolio of gold jewellery they buy from the brand, in real time. “My husband would keep track of the jewellery he bought for me, like he does with other investments. Two years into marriage he made a joke about how all the jewellery he gifts me doesn’t cost anything—he’s just moving money from the bank account to my drawer.” Over the last few years those jewellery gifts have gone up in value. He calls it “gifting without spending”, explains Nikita Rupani when asked what sparked Aurau. 

Young investors are diving into gold-backed ETFs (exchange-traded funds), merging the allure of gold with the precision of modern finance. As Jain points out, “There’s a growing awareness of financial products, and we’re seeing a surge in gold ETFs, particularly among the younger crowd.”

Golden Opportunities

As conscious consumption gains momentum, upcycling jewellery is becoming an increasingly popular choice around the world. Take British brand Lylie, for example. With their mission to create a circular jewellery economy, they offer customers the chance to trade in their old gold for store credit, even sweetening the deal by offering 7.5 per cent above the daily spot price. It’s modern-day alchemy, with the added bonus of sustainability.

And with the price of gold consistently rising, Tarang Arora of Amrapali warns, “In the next few years, gold will become unaffordable. Historically, it’s given incredible returns, so if you want it, now’s the time!” 

All images: The brands 

This article first appeared in Harper's Bazaar India October-November 2024, print edition. 

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